Our biggest stories of the week are …
SIBOS sparked several big conversations this year, one of which is what Generation Y wants from their bank. In particular, Venessa Miemis wrote some interesting thoughts on her blog about her impressions of SIBOS and talks about what she wants from her bank. But her blog has caused a raging debate about whether young people understand what banking is about.
Continuing the conversation with Venessa Miemis, here are the areas where banks and social needs overlap. This includes transparency in banking, financial visualisation tools and social network analysis and integration with financial tools. Interestingly, this has also garnered the most responses for any entry made on our blog to date!
I think we’ve been arguing the wrong point when we attack the banking system per se, as the core of banking – the bit that it really exists for – is to oil global trade, as opined by Stephen Hester, CEO of RBS. That part will never change, but the things that sit on the network will …
So to the really interesting question: if the industry is in a foul mess, should we try to shut it down? The reason I ask this is that this is the question that came up as I was writing yesterday's blog, debating the similarities between the banking and oil industries. If BP and their brethren had a Deepwater Horizon every few years, we would seek to substitute oil for another fuel … and we are. If JPMorgan and their brethren had a financial crisis every few years, we would seek to substitute banks for another service, and some of us are.
I was at this big debate about the state of trust in banking, based upon a survey of 164 professionals working in financial firms. The survey found the following key results …
The major general news stories of the week include …
Unite has called on Goldman Sachs to intervene in a furious row with its caterers over allegations of racism.
Stephen Green, the outgoing chairman of HSBC, said the new Basel III rules on bank capital could be revised to avoid hurting international trade.
The European Commission's head of Internal Markets, who is in charge of the machinery of financial regulation, has refused a request to explain his reforms to the Treasury Select Committee.
The Government unveiled plans to invest in Post Offices, cut queues and increase opening times yesterday but angered unions, business and pensioner groups by deciding against setting up a state-backed Post Office Bank.
What are the key battlegrounds ?
Ireland will try to win support this week from the European Union to avoid a Greek-style bailout as investors balk at buying the country's bonds
Whistleblower accuses banks of 'intentionally and unlawfully' suppressing the price of silver futures traded on the Comex exchange.
Germany's finance minister calls the US stimulus programme "clueless", while China warns of its "negative impact".
FSA warned that new commodities funds being launched by investment banks are a bad deal for investors.
Gary Hoffman's £500,000 pay-off that never was has kick-started the now annual bankers' pay-and-bonus bashing season a little earlier than normal.
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